Running no mufflers will not hurt your engine in any way, shape, or form.
If you keep the stock 4-cat h-pipe, it will sound raspy and that's up to your personal preference.
The catalytic converters actually add more restriction than the stock mufflers do.
You will notice a big difference in throttle response, but you will actually lose some torque due to a loss in backpressure.
The sound might annoy people around you, and the police might let you know.
I run SLP LM1s with an O/R Bassani X pipe. When I got the LM1s, I noticed little gain in power but the response was improved some. When I got the O/R pipes prior to a tune, the torque was downright killed. After the tune, my car felt the torque return due to the tune and corrected A/F ratio (mine was actually off)
When I run open headers, I lose a lot of low-end torque, but the engine gets up to rpm faster. It's rather strange how that works, but since there is a lack of restriction, physics is physics.